Venezuela state oil company PDVSA reports sharp drop in revenues

Venezuela’s state-owned oil company PDVSA revealed on Saturday that its revenues have dropped sharply, spelling bad news for a crisis-torn country heavily reliant on its exports of crude oil. PDVSA registered $48 billion in income for last year, compared to $72 billion in 2015. The country’s oil ministry has projected that Venezuelan crude would fetch $43.72 a barrel in 2017, but oil prices remain depressed globally.

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